Are There Really Guaranteed Installment Loans for Bad Credit?
After a few rejections from lenders and banks, frustration sets in, and leads many borrowers on a journey in search of guaranteed installment loans. Usually, a good number of these borrowers fall into the trap of scammers who promise you 100% guarantees. Do you know what they say about a deal that’s too good to be true? If it’s too good to be true, it probably is not true.
So, don’t fall for 10% guarantee scams.
Usually, the term “guaranteed” is used in the loan and lending niche to mean that the lender has a high approval rate. There are no 100% guarantees. However, for a handful of lenders, you can be sure to get approved if you have a good debt-to-income ratio, make a monthly income of at least $1000, and satisfy the eligibility requirements.
iPaydayLoans can connect you with lenders who have an approval rate of 97%, so your chances of landing a loan are higher.
When Should You Get an Installment Loan for Bad Credit from Direct Lenders?
Loans are quite useful for short-term financing, making large purchases, and financing business ideas and personal needs. Installment loans, in particular, can be used for anything from paying emergency medical bills, credit card debt consolidation, home remodeling, car repairs, and home purchases.
You should get an installment loan for bad credit ahead of alternatives like payday loans if you fear you may struggle with repaying the loan. An installment loan lender puts you on your toes by fixing monthly payments. This monthly payment agreement helps you pay bits of the total loan cost until you complete payment. It’s an easier way to keep up with payments than payday loans.
On the other hand, payday loans are usually repaid as a lump sum on the next payday. Some people with already bad credit can struggle to pay at the agreed time, so they suffer a hit on their credit score and are charged default payment fees simultaneously.
Who Can Qualify for an Installment Loan from Direct Lenders?
Online loans are pretty easy to qualify for, and installment loans from direct lenders are not any different. Your chances of approval are high once you meet the following requirements.
- Have proof of income. The employment need not to be a corporate one, but there must be proof that you get consistent income from it.
- You must be a citizen or permanent resident of the US.
- You must have a government-issued ID.
- Have an active checking account for paycheck deposits.
- Must be at least 18 years old.
How Do I Get Approved Easily for Installment Loans With Bad Credit?
We value our customer’s needs and have so designed our application process to be straightforward to follow. Anybody can apply for a loan on iPaydayLoans, even those with bad credit. We are unbiased against credit scores and connect the borrower to bad credit lenders who can provide them with some credit. Here’s how to apply for installment loans with bad credit on iPaydayLoans.
Enter all necessary information on the application form. You will be asked only the basics like your name, contact information, age, and other loan and credit-related information that may aid our lenders to understand your financial position better. Based on this submission, we connect you to a handful of lenders who we are sure to have loan packages for people with bad credit and your particular financial situation.
They will review your application and assess your financial situation to determine if you are fit to take on more debt. However, rather than focus on your credit score and credit history, they pay more attention to your income and your recurring monthly bills to see if you have enough spare cash to pay back the debt. Every lender who approves you for a loan sends you a quote.
The onus is on you to choose a lender. To do this, review the loan amounts, conditions, and repayment schedule on each offer, then sign your most preferred quote. Once that is done, you are guaranteed payment. The deposit may come in as quickly as the following business day. Just make sure the bank account information provided is that of an active checking account.
How much would you like?
Features of Online Installment Loans for Bad Credit You Should Know
Easy application process
Applying for an online installment loan for bad credit is easy as pie. The entire application process can be completed in less than ten minutes. All you have to do is visit the website, and fill out the application form. Everything can be done online and even on your mobile device. No paperwork is needed.
They are usually unsecured
Bad credit puts you at a disadvantage when applying for loans. Most times, you are refused loans by traditional lending institutions. Other times, they need you to provide a co-signer and collateral to get some small cash advances. Online installment loans, unlike these loans, do not need collateral to process. Borrowers can get thousands of dollars even without property as collateral.
Flexible repayment terms
Installment loans have very flexible repayment terms which are decided upon by the lender and borrower. The total cost of the loan can be conveniently and evenly distributed over the loan term. For instance, you can serve all your debts at once before the due date, or pay semi-monthly, quarterly, semi-annually, or annually.
Bad credit accommodated
Online installment loans for bad credit are, in fact, specially designed for people with bad credit. So, people with less-than-perfect credit scores may still get approved for these loans. Bad credit lenders pay more attention to the borrower’s income and debt-to-income ratio than they do to their credit score.
Huge loan amounts
Installments loans usually allow the borrower to take out up to a few thousand dollars. iPaydayLoans has in its extensive network of lenders who can provide loans of up to $5k. It’s recommended that these loans be used for the specific purpose for which they can be employed.
|How much can I borrow?||$50-$35,000||No hidden fees or charges|
|I have bad credit. Can I apply?||Yes||Bad credit is considered|
|Over how long can I spread the repayments?||1-36 months||Fast decisions|
|Are credit checks involved?||Yes||Soft credit checks only|
|Chances of getting approvals||Good||256-bit encryption protocol|
|How to apply?||Apply online||Easy application|
Where can I find guaranteed installment loans for bad credit?
Through iPaydayLoans. Although there are no guarantees, we can connect you with lenders within our network who have more than a 97% approval rate. To increase your chances of approval, make sure you meet all the eligibility requirements before applying.
How much I can borrow with installment loans if I have bad credit?
This depends on your state’s lending regulations and the lender. That said, we can connect you with lenders who can credit you with loans up to $5k. If you are more particular about the loan amount above anything else, review the offers you get and settle for the one with the highest loan amount.
When will I receive the money?
Lenders in iPaydayLoans’ extensive lender network quickly make funding decisions and process deposits. Borrowers typically receive their loan deposits as soon as the second business day, just in time to cover their pending payments and emergency expenses.